SINGAPORE: President Tony Tan Keng Yam has given his assent to the government's budget for the new financial year.
In a Facebook post, Dr Tan said the Council of Presidential Advisers has considered the proposed budget and recommended that he assents to it as it is unlikely to draw on the government's past reserves.
Dr Tan added that the Finance Ministry has also given him a detailed briefing on the budget, and he has exercised the President's discretionary power provided for under the Constitution to give his assent to the Supply Bill, which would allow the Bill to come into effect.
Parliament passed the Supply Bill after a two-week debate on March 13 to authorise the government’s expenditures proposed in the budget.
In his post, Dr Tan described the budget as prudent and responsible.
He noted that the government will be setting aside $8 billion from its current reserves to fund the special measures proposed for the pioneer generation beyond the next few years.
He said it is only right that Singapore takes care of the pioneer generation's healthcare needs in their old age as they have stood by Singapore through the difficult early years of the country's independence.
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